ARCO Reports 1998 4Q, Full Year Results

Wednesday, September 01, 1999
ARCO reported a 1998 fourth quarter net loss of $794 million after a net charge of $864 million. The net charge reflects asset writedowns, restructuring costs and a tax refund. In the 1997 fourth quarter, ARCO earned $382 million. Before the special items, ARCO earned $70 million for the quarter as operating results continued to reflect the effects of weak commodity pricing. Compared to the same quarter in 1997, average crude oil prices declined $7 per barrel. ARCO achieved significant progress in efforts to geographically focus its operations during 1998. To enhance ARCO's position in the Gulf of Mexico, the company swapped its heavy oil properties in California for assets in the Gulf of Mexico. Those assets were subsequently sold to Vastar Resources, Inc. (in which ARCO holds an 82.1 percent interest). In December 1998, the company announced 1999 capital spending would be reduced to $2.7 billion, down approximately 25 percent from spending in 1998.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

OSV Technology: Notable Designs & Deliveries

Though the market for Offshore Support Vessels (OSVs) is soft, advances in technology, fit and finish in  the sector is unrivaled in any other maritime niche over the past five years.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1769 sec (6 req/sec)